Middle East ETF News Older than One Year
Tadawul bourse falls after 'worst' OPEC meeting
June 8. 2011--Saudi Arabia's Tadawul index fell 1.11% to 6,540.65 points on its last trading day of the week. The Organization of the Petroleum Exporting Countries (OPEC) failed to rech an agreement to hike output in order to reduce oil prices. The Saudi Oil Minister Ali Al-Naimi called this meeting in Vienna one of the worst ever.
Algeria, Libya, Iran and Venezuala led a group of six member states refusing to agree on a hike. West Texas Oil increased 1.55% to $100.71. Insurance shares in particular fell in Riyadh. Gulf General Cooperative Insurance Company dived 9.81% to SR33.10. AXA Cooperative Insurance Company plummeted 6.97% to SR42.70. Bellwether Sabic declined to SR102.75 (off 1.20%) , the lowest level since March 29, 2011. Year-to-date the Tadawul bourse fell back in the red, down 1.21% since Januar 1st 2011.
Source: AME Info
Qatar Exchange closes unchanged
June 8, 2011--Thanks to a last-minute swing, the QE Index ended a rollercoaster trading day even at 8,183.41 points. Qatar Islamic Bank added 1.30% to reach QR78.00.
The Qatar Central Bank has ordered the separation of Islamic and conventional bans until the end of the year. The renowned Shari'ah sholar Dr. Huseein Hamid Hassan told AMEinfo.com today during Hawkamah's presentation of the Policy Brief on Corporate Governance of Islamic Financial Institutions that Qatar's initiative is "step into the right direction as regulators should not treat Islamic banks like conventional banks."
Source: AME Info
Abu Dhabi energy stocks end flat, real estate firms lose
June 8, 2011--Gains in the banking sector kept the ADX in Abu Dhabi advancing, as the ADX General Index added 0.23% to reach 2,696.36 points.
National Bank of Umm al-Qaiwain rebounded by 8.11%, closing at Dhs2.00. Energy bellwethers Taqa and Dana Gas both ended flat at DHs1.26 and Dhs0.64, respectively. The emirate's largest real estate firms Aldar Properties (down 2.21% at Dhs1.32) and Sorouh Real Estate (1.48% lower at Dhs1.31) weighed on the market. Trading remained thin as 44.92m shares were traded, valued at Dhs86.91m changed hands.
Source: AME Info
Investors dump Dubai real estate shares
June 8, 2011--The DFM General Index declined 0.70% on Wednesday and finished at 1,552.74 points.
Dubai Refreshments plummeted 7.91% to Dhs9.90. Emaar was the most liwuid shares and fell 2.22% to Dhs3.09. Islamic home finance company declined 2.17% to Dhs0.945. Around 133.92m stocks valued at Dhs146.55m changed hands.
Source: AME Info
Bahrain stock exchange looks to boost trading volumes
June 8, 2011--Bahrain's stock exchange plans to start short-selling and the delivery-versus-payment (DvP) system in 2012, as it seeks to boost trading volumes amid unrest in the Middle East, Bloomberg has reported.
The measures will be implemented in the first quarter of 2012, and DvP will be started "to an extent," Khalifa Bin Ebrahim Al Khalifa, deputy director at Bahrain Bourse, said. "The changes will lead us eventually to meet the criteria at the index provider. We have a competitive advantage against the regional stock exchanges; with these changes, we'll have even more."
Source: AME Info
Tadawul bourse declines 0.65%
June 7, 2011--The Saudi Stock Exchange took a break from its recent advance and closed down 0.65% at 6,614.13 points.
Saudi Printing & Packaging Company gained the most, closing 4.23% higher at SR14.80. Sabic remained in a fickle mood, closing off 0.27% at SR104.00. Only 19 shares gained, 116 lost and ten ended flat.
Source: AME Info
Qatar market ends index meltdown
June 7, 2011--The Doha-based QE Index rebounded 0.81%, closing at 8,183.50 points. The country's largest lender by assets Qatar National Bank advanced 0.96% and closed at QR136.50. Commercial Bank of Qatar, known as CBQ, declined 0.85% to QR70.40.
Qatar Telecom, known as Qtel gained 1.41% to reach QR150.70. Earlier in the day, Qtel announced today that it is taking steps to comply fully with ictQATAR's instruction to close down Qtel's Virgin Mobile Service (QVMS). "ictQATAR recently issued Orders instructing Qtel to close down Qtel's Virgin Mobile Service and remove the Virgin Mobile brand from the market," the statement says.
Source: AME Info
Kuwait Stock Exchange closes even
June 7, 2011--The KSE Market Index failed to join the general recovery mood in the GCC and closed even at 6,314.1 points.
Salbookh Trading posted the largest gain (7.8% higher at KD0.069). Al Dar National Real Estaet fell the most (down 8.7% at KD00.021). Year-to-date the KSE lost 9.22%.
Soyurce: AME Info
Abu Dhabi Commercial Bank shares rise further
June 7, 2011--The Abu Dhabi bourse index ADX added 0.45%, finishing at 2,690.05 points. Abu Dhabi Aviation gained the most, closing at Dhs3.45. Abu Dhabi Commercial Bank (ADCB) surged 3.63%,
ending at Dhs3.17. ADCB still benefits from its move to sell its 25% stake in Malaysia's RHB. Aldar Properties dipped 1.45% to Dhs134. Thirteen shares gained, ten fell and eight ended even. Around 54m shares valued at Dhs110.94m changed hands.
Source: AME Info
Dubai market find bottom amid high turnover
June 7, 2011--The DFM General Index ended 0.09% higher at 1,564.88 points.
Shares of district cooling specialist Tabreed gained 6.84% to reach Dhs1.25. Emaar remained in a stutter mode, closing 0.94% lower at Dhs3.16. Seventeen stocks lost, eight declined and four ended even. Some 266.54m shares were traded, valued at Dhs280.53m.
Source: AME Info
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